Statement to Membership
June 28, 2016
“It is too early in the Brexit process to forecast the impact of Britain’s proposed exit from the European Union or what the long-term ramifications of the UK’s withdrawal will entail with regards to the corporate travel industry,” said Greeley Koch, executive director for the Association of Corporate Travel Executives. “However, we are making the best analytical data on the impact to the aviation industry, generated by CAPA (Centre For Aviation), available to ACTE members through this link.” Click here for analysis.
“The greatest short-term effects on the travel industry of the recent “Brexit” vote will come from speculation. This was illustrated by the dramatic reaction of plunging markets around the world, and the weakening of the pound against other world currencies. The business travel industry will trend on currency fluctuations, with some companies taking advantage of the weaker pound and traveling more, while others may withhold business travel until world markets find their own level,” said Koch.
“The more serious long-term effects of the Brexit vote: border control, immigration and non-resident work rules, regulations governing issues that ultimately determine airfares and the impact to business travellers, are still a year or two in the making,” said Koch. “The issue is further clouded by reports that “Brexit” may be subject to negotiation or forestalled indefinitely. We are focusing on the situation to make sure our members have the best information in order to make informed decisions for their companies and will host an international industry-wide dialogue — between ACTE and CAPA experts, at our joint global conference in Amsterdam, 26-28 October 2016.
Greeley Koch
Executive Director
Association of Corporate Travel Executives (ACTE)
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